Pretty much nothing in your screed is factual. The Minneapolis "building boom" reflects the general trend in most of the nation: expansion of the housing stock since about 2005 has been negligible, much less than 1 per hundred residents per year. This is about half the rate of real expanding cities like Houston.
I don't know what better signal you expect than the fact that median sale price of homes in Minneapolis proper has gone up 45% in only 5 years and the time to sell is now 11 days instead of 21 days in 2016, according to Redfin.
I'm not sure I understand your complaint here - it sounds like developers built a bunch of supply, and prices responded by going down? Isn't that exactly what we want?
Re:Airbnb and Neighborhood Crime
by wolverine876 on Friday July 16, 2021 @06:04PM
(#27861748)
Lenders and developers invest based on an expectation of demand for high-end housing. What explains these outcomes?
My buddy was a professional hockey player. He played most of his career in Europe and just recently moved back. Moved into a nice condo in the down town area. Four months after moving in, he's seeing ads for the many, many open condos in his building, which have been discounted some $20-$30K below what he paid.
We're now creating a deluge of high end housing that is now sitting empty and the owners/developers are having to compete side by side with each other for tenets now and its become completely cut throat. Add in businesses and people are fleeing the city and those owners are already starting to see the coming nightmare.
So yes, I agree we need to build more house, but FFS we need to build according to the needs of the community, not the developer who's in a "get rich" scheme to gentrify huge swaths of the city.